A reader asked about applying for a mortgage when she is in a Debt Management Plan (DMP): "I have been in a DMP for 8 years and still have 6 to go as I still owe £16,000. With hindsight, I should have gone bankrupt! My parents will give us a 20% deposit in 2021, but they don't know about my debts so I can't use their money to end the DMP. Will I be able to get a mortgage?" This case highlights … [Read more...]
Getting out of debt
Practical articles about the different debt options, which might work for you and different ways of dealing with creditors
Is gambling wrecking your finances?
A gambling habit often starts small, some fun with your mates or a bit of excitement when you are bored at home. But soon you may be spending more than you can afford. Then your cards and overdraft are maxed out. It is so tempting to hope to win back enough to clear the debts and pay your bills. You need money to do this, so you get a loan. But you lose more... Soon the only credit you can … [Read more...]
How to improve your credit rating after a DRO
A Debt Relief Order (DRO) lasts for one year and then your debts in it are wiped out. But it shows on your credit record for six years. This article looks at what should happen to your credit record during the DRO year and after it has finished. Some of your creditors may have go tt this wrong, you need to ask them to correct any problems. You can start to improve your credit rating after … [Read more...]
“Must I pay a debt that’s not on my credit report?”
A reader asked if she has to pay a debt that she can't see on her credit record. Many people think that checking their credit record is a good way to get a complete list of their debts. And they look forward to a defaulted debt disappearing after 6 years because then they don't owe the money anymore. These are myths - and although they sometimes are right, they often … [Read more...]
How the borrower of a guarantor loan can complain
UPDATES: Do not use the template on this page for Amigo, Buddy, George Banco, Trust Two, Glo. It is now too late to complain about them. For TFS see TFS Loans goes into administration. Guarantor loans are very expensive. Often the lender didn’t check properly that you will be able to manage the loan repayments without having to borrow more. If proper checks would have shown that you … [Read more...]
How to get a paid CCJ marked as Satisfied
A reader asked: In August 2019 a CCJ was registered against me for £211. I paid off the balance, but not within the month. I have bank statements to prove its been paid. On my credit report it shows the status as “active” even though I have paid it. I’ve contacted the debt collector multiple times but they say as it’s an old case it’s no longer on their system and they can’t help me. I don’t … [Read more...]
Court papers for a CCJ – FAQs about the N9A form & how much to offer to pay?
Mrs E asked: I have a catalogue debt of about £2000 from 2014. I was paying through a debt management company until March 2016 when I stopped. They are going to court for a CCJ. I don't know how to fill in the form with my expenses or which debts I should include. Mrs E's questions are about completing the N9A Admission form that was included with the Claim Form she has received. This is the … [Read more...]
If a lender took tax off a refund, reclaim some using the R40 form
If you have received a refund from a lender, you may see that there is an "8%" element included. This applies in many situations, including PPI, affordability refunds and NOSIA refunds. Often the lender will have deducted basic rate tax from this 8% part. Since April 2016 non taxpayers and basic rate taxpayers can probably get some or all of this back from the HMRC. This article looks at … [Read more...]
Should I keep paying an old debt?
Do you have to keep making payments to old debts? It can be easy to get stuck in a long-term Debt Management Plan (DMP) or payment arrangements. If you are paying little each month, your debts will take a very long while to be gone. This article looks at the questions people often ask about old debts where they have been making monthly payments to the debts. If you haven't been making … [Read more...]
Help with bankruptcy fees
A reader asked: I can't afford to go bankrupt! Is there anyone that can help with the fees? The bankruptcy fees in England and Wales are £680. This is made up of the £550 Official Receiver's fee and the £130 application fee. £680 is just stupidly high - most people go bankrupt because they are broke and they don't have hundreds of pounds in their bank account. The fees used to be reduced if … [Read more...]
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